Implantable Medical Device Market Shows Promising Growth Due to Continued Demand and Improved Supply Chain Ecosystem, Players Abbott Laboratories, Boston Scientific Corporation, Johnson & Johnson

Overview:

Implantable medical devices are used to replace a biological structure or to provide support to a damaged body part or sometimes to improve the function of a body part. They can be implanted inside the body or on the surface by surgical procedures. The implantation of medical devices improves the quality of life of patients. There are different types of implantable medical devices such as braces, pacemakers, cardiovascular stents, defibrillators, and drug delivery systems or neural prostheses. To make these devices biocompatible, they are made from biomedical materials such as silicon, titanium, and other biomedical materials depending on the compatibility required. These implantable medical devices can be removable. Depending on the patient’s need, it can be permanently implanted or it can be removed over time when it is no longer needed.

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Market factors:

Factors such as increasing development of new technologies and frequent medical trial approvals as well as increasing cases of neurological diseases in the elderly are expected to propel the growth of the global implantable medical devices market. Inadequate treatment options for injuries and serious illnesses increase the demand for implantable medical devices.

Furthermore, the technological advancements in implantable medical devices and their numerous advantages are expected to drive the growth of the global implantable medical devices market. For example, specific medical implants can be created with 3D technology and sculptural CAD according to the needs of the patient. Such technological advances in implantable medical devices have many advantages over implants. Moreover, the reduction in treatment costs through implantable medical devices is also expected to fuel the growth of the global implantable medical devices market.

Constraints:

Strict government regulations regarding the cost of implantation and pressure from insurance agencies for the cost of implantation are expected to hamper the growth of the implantable medical device market.

Market taxonomy:

The Global implantable medical devices market is divided into material, product and region

By subject:

  • Metallic

  • Ceramic

  • Polymers

  • Natural

By product type:

  • Orthopedic implants

  • Dental implants

  • Breast implants

  • Cardiovascular implants

  • Intraocular lens

  • Others

By end user:

Regional analysis:

The global implantable medical device market is regionally divided into North America, Europe, Latin America, Middle East, Africa, and Asia-Pacific.

Among the regions, North America is expected to experience strong growth in the implantable medical device market due to increasing aging population, development of technology, well-established healthcare infrastructure, growing awareness of medical aid and favorable compensation policies.

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In addition, Asia-Pacific is experiencing robust growth in the implantable medical device market. This is attributed to the increasing investments of governments in health care, the large number of the population and the need for medical assistance.

Major players:

The major players operating in the implantable medical device market are Smith & Nephew plc, Boston Scientific Corporation, Medtronic plc, Stryker Corporation, Terumo Corporation, Johnson & Johnson, Zimmer Biomet Holdings, Abbott Laboratories and Dentsply Sirona.

Main developments:

The major players in the implantable medical device market are focused on improving manufacturing strategies, improving the product portfolio in order to maintain a strong position and compete with other players in the implantable medical devices market.

Moreover, market players are adopting various strategies such as launching technologically developed and low cost implantable medical devices to gain a strong position in the market. For example, in April 2015, the US FDA granted approval and CE mark to Micra TPS from Medtronic plc, the smallest pacemaker ever to be implanted directly into the heart through a catheter.

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